"New Year Brings Mandatory Beneficial Ownership Reporting for U.S. Businesses"

The U.S. Financial Crimes Enforcement Network (FinCEN) has started accepting beneficial ownership information reports as mandated by the Corporate Transparency Act. Existing companies have until January 1, 2025, to comply, while new companies must file within 90 days of their creation or registration. This initiative aims to prevent illicit financial activities by requiring companies to report key information about their true owners. The process is designed to be straightforward and free, with resources available to assist small businesses in compliance.